Mitsubishi Corp. Targets to Get PGM Mining Interests

Mitsubishi Corporation’s nonferrous materials division tries to get mining interests in platinum group metals as new core business like current copper and aluminium. The division COO Kenji Tani said the unit expects PGM demand will expand for automobile exhaust gas catalyst while the investment is smaller than copper and aluminium. The unit tries to expand the profitability through the new business.

The unit has trading business of precious metals through the subsidiary, Mitsubishi Corporation Futures & Securities. The unit, however, has no mining assets for previous metals. Mr. Tani said getting the mining interests is one of the tasks for the year. The firm tries to get the interests through the network in Africa when the firm operates Ferrochrome maker, Hernic Ferrochrome in South Africa and aluminium smelter, Mozal in Mozambique.

The unit tries to expand the profitability by 3 core business patterns including investment in mineral resources, futures trading and actual materials trading. The unit tires to improve the profitability by utilizing the network while the profit decreased for fiscal 2008 ended March 2009 from fiscal 2007.